The LeClaire Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a three property self storage portfolio known as Devon Self-Storage consisting of 216,542 square feet located in South Carolina and Georgia.
Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, First Vice President Investments, in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller, a London-based investment fund in conjunction with Devon Self Storage who also managed the properties. “These assets represent best-in-class storage options in their respective trade areas,” says Schlosser. “Portfolios of this size and caliber continue to attract a lot of interest from regional and national buyers.” The buyer was Morningstar Properties LLC, a vertically-integrated developer, operator and owner of real estate products, focused primarily on self storage and marinas based out of Matthews, NC.
The portfolio consists of three class “A” assets in the high growth markets of South Carolina and Georgia. Built in phases from 2001-2006, the portfolio spans 216,542 net rentable square feet comprised of 1,473 units and 155 rentable outdoor parking spaces. The properties are located at the following locations: 6012 Ogeechee Road in Savannah, Georgia; 250 Old Cherokee Road in Lexington, South Carolina (Columbia MSA); and 4400 Ladson Road in Summerville, South Carolina (Charleston MSA).